Your New Year’s resolution may be to get yourself into a new home. If you have decided to look for your dream home, there’s some simple tips to keep in mind.
Start your journey by sharing your plans with friends and family. It’s a great way to keep yourself focused and motivated, as they will be excited for you and will follow up on your progress.
Here’s some useful tips to assist you get there.
Your list of needs and wants
It’s critical to know what you are looking for in your new home. Visiting display homes can help you with ideas, as can browsing open homes.
Think about where you currently live, why you want to move, and then begin to create your needs list for your new home. You may already have thoughts on where you would like your new home to be, but it’s a good idea to check out the location to make sure it fits your needs.
So, what are you looking for?
Potential points to consider for your list
- What location is preferable
- Apartment, townhouse or house
- One or 2 story
- Open floor plan
- Spacious outdoor entertaining
- Gas or electric appliances
- What benchtops would you like in the kitchen, granite etc.
- Number of bedrooms
- Built-in robes
- Car garaging /space
- Close to transport
- Parks, playgrounds and schools
If you enjoy gardening and are looking for a house, the backyard space will be important. Likewise, if you have children, an ample yard is great for them to play in, as well as for outdoor activities and entertaining.
If you opt for an apartment, and love plants, a larger balcony will be an asset.
So, to get what’s most important to you, try ranking your list in order of importance.
What’s your budget?
The most important step is to know what you can afford to spend and to organise your finance by getting pre-approval for a loan.
This will give you the added edge when you see a property that you want to negotiate on.
Having a skilled mortgage broker, to guide you through the process and compare loans, redraw facilities etc., will make the finance process simpler.
Do your research
It’s important to do your homework. Research and research to find out everything you possibly can about the property market and what to expect when it comes to searching for your dream home. Check out recent sold prices, what’s for sale currently in the area, the area’s facilities e.g., schools, shopping centres, transport, parks, to narrow down your options. Your agent has expert knowledge of the area, so they will be able to offer you the best advice on what is available within your budget.
Also, if you are having difficulty with your needs and wants list, an agent can help pin it down, by talking through what you can and can’t live without.
Using a Buyer’s Agent
Buyer’s Agents are experienced buyers who will create a plan based on your requirements. They help guide you through the complete buying process, know about the current market conditions and can advise whether a property is worth the price or over-priced and whether to close the deal. A Buyer’s Agent can save you time and remove the emotion that comes with purchasing a property, allowing you to avoid the stress. They can provide valuable insight into market values, risks and potential growth as well as access to off-market opportunities and can also determine potential post sale costs for renovation or repairs. Buyer’s agents do charge a fee, so check out the costs first if you’re interested.
Don’t spend all your money
Remember, you’ll incur moving costs and sometimes home improvement costs, repairs/changes/maintenance, so having a separate budget for these is a smart idea.
If you are buying a newly built home the builder’s warranty and manufacturer’s warranties help, but still set aside a ‘kitty’ for any extras, like window coverings, landscaping etc.
Your final decision
Buying your forever home is a big decision, so don’t be rushed in the process. Be patient, do your research and make a considered decision. You’ll be ready to purchase your new home, once you find a property that meets your needs and fits your budget.Acknowledgments:MarcieGeffnerNew Home Source, CohenHandler, Buyer’s Agents Australia,Stockland